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. >> we should address the drivers of the deficit. social security is not currently a driver of the deficit. that's an economic pact. while the president supports engaging with congress on a separate tract to strengthen social security, for entitlements we need to look at medicare and medicaid. >> joining to us talk about that and more is alan krueger, chairman of the council of economic advisers. can you help us interpret what jay carney just said? a lot of republicans have gone into this debate and discussion saying, you want more in taxes but in the same time we have to have entitlement reform. is he taking that off the table, mr. krueger? >> the president has pursued a balanced approach all along. he's had entitlement reform on the table. if you look at budgets, there are tough decisions there relating to health care costs, which are driving our deficits. additional revenue from upper income earners. >> medicare is still on the table when it comes to discussions about the fiscal cliff but not social security? what exactly are we t
. >> we should address the drivers of the deficit. social security is not currently a driver of the deficit. that's an economic pact. while the president supports engaging with congress on a separate tract to strengthen social security, for entitlements we need to look at medicare and medicaid. >> joining to us talk about that and more is alan krueger, chairman of the council of economic advisers. can you help us interpret what jay carney just said? a lot of republicans have gone...
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Nov 26, 2012
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it doesn't add to the deficit. when it comes to medicare and medicaid, protect the program. >> reporter: distance from a deal still evident although the gap between lawmakers is closing. just this morning, the white house released a new report detailing the impact of lawmakers if they don't reach a deal. that report is consumers will spend $200 billion less next year. that could affect any economic recovery. reporting in washington, danielle leigh, nbc news. >>> it is cyber monday. we asked scott mcgrew to take a look at the deals you might find online. >> good morning. amazon has a 55" panasonic on sale. this is a favorite of mine. it is roku. i recommend it. it brings netflix and hulu to your television. there are several web sites offering a deal on fisher price toys. half off in certain cases. toys r us or amazon. the term cyber monday, that is old fashioned. it dates way back to the early 2000s, when the only way anyone could get online was to do so from work. so the first day back to work after black friday b
it doesn't add to the deficit. when it comes to medicare and medicaid, protect the program. >> reporter: distance from a deal still evident although the gap between lawmakers is closing. just this morning, the white house released a new report detailing the impact of lawmakers if they don't reach a deal. that report is consumers will spend $200 billion less next year. that could affect any economic recovery. reporting in washington, danielle leigh, nbc news. >>> it is cyber...
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Nov 26, 2012
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>> i think i definitely think that if we get a big deal done here in terms of the budget deficit, i think we could have a very good economic growth next year. >> a lot of "ifs" though. if, if, if. to mandy's point, lope is not a strategy. if is not a strategy. >> that's right. i think now the president has picked geithner to negotiate with the republicans, with boehner. i do think there's good grounds for something to come out of this. i think the simpson-bowles framework i think gives a pretty credible framework that they can work off of. maybe they do some things a little bit differently but if they can get something done of that magnitude, it will be very big for business confidence and for the economy. >> i know our viewers, very smart bunch. they can be a little tough though. right? in their own way. they'll say stock market, it is only up because the federal reserve is priming the pulp. is that true? >> that's a big part of it. that money that the fed is buying these treasuries and now mortgages, that money needs to go somewhere. so it is working its way into risky assets, causing c
>> i think i definitely think that if we get a big deal done here in terms of the budget deficit, i think we could have a very good economic growth next year. >> a lot of "ifs" though. if, if, if. to mandy's point, lope is not a strategy. if is not a strategy. >> that's right. i think now the president has picked geithner to negotiate with the republicans, with boehner. i do think there's good grounds for something to come out of this. i think the simpson-bowles...
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Nov 26, 2012
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the whole tea party movement began as a principled protest against deficits and debt. people saying it was generational theft. the problem is if you start elevating the anti-tax pledge, that anti-tax absolutism, ahead of making a deal on deficit and debt, you're not going to get anywhere. only way you pay it down is if you agree we have to raise revenues. you can make an argument that the tea party movement should get behind a grand bargain, a deficit and debt deal, if they're serious about what they see and what they said was an existential threat to our country. we need to disenthrall ourselves from the extreme voices who choked off reasonable debate in washington. >> don't fear the grover. best quote of the day. john avalon, always a pressure. thank you for coming on. >>> looming fiscal cliff you're hearing so much about is one reason republicans are having a change of heart on this whole no tax pledge. the term fiscal cliff evokes scary imagery, but it is not so much a cliff as it is a set of stairs with the spending cuts and tax hikes getting more painful with eac
the whole tea party movement began as a principled protest against deficits and debt. people saying it was generational theft. the problem is if you start elevating the anti-tax pledge, that anti-tax absolutism, ahead of making a deal on deficit and debt, you're not going to get anywhere. only way you pay it down is if you agree we have to raise revenues. you can make an argument that the tea party movement should get behind a grand bargain, a deficit and debt deal, if they're serious about...
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Nov 26, 2012
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we can grow our way out of debts and deficits. we've got a ginormous economy. we had a huge black friday weekend. probably $600 billion for the total shopping over the holidays. the question is, as we get close and getting into december, if it looks like talks are breaking down and we have the same old lines on no tax increases for the wealthy versus no spending cuts at all on the left on social security or medicare, then you get people getting nervous. the markets get service, the markets sell off, we have a problem. if we go into january and there's the basic broad outlines of a deal that we can retroactively fix some of these tax rates, extend unemployment benefits, if that is the general tenor of things going into december we'll be fine and we'll get a deal in january and go ahead. but if it's more of the same politics as usual, you're going to see spending get cut down. people are going to get nervous and businesses are concerned about the long-term outlook. >> let me bring back eamon on that point. do the markets care when you see the ceos and some of the
we can grow our way out of debts and deficits. we've got a ginormous economy. we had a huge black friday weekend. probably $600 billion for the total shopping over the holidays. the question is, as we get close and getting into december, if it looks like talks are breaking down and we have the same old lines on no tax increases for the wealthy versus no spending cuts at all on the left on social security or medicare, then you get people getting nervous. the markets get service, the markets sell...
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catalonia is one of those regions that still has very large deficits, as well. so the politics in spain slightly skewed as they will be, but not so much pressure on rajoy at the moment. unlikely to ask for assistance in the short term. we also have another euro group meeting take, back in brussels, yes, i know, we seem to have one every week. they may come up with a long term financing deal for greece. finally talking about debt forgiveness in greece which is what we all know has got to happen. whether it can happen before the german elections in the fall next year is a mute point. anyway, that's where we stand. fairly down beat for equities and yields a little bit mixed. back to you. >> all right. thank you very much. let's get back to the fiscal cliff. we've been talking about the issues of taxes. as we mentioned, warren buffett calling for a minimum tax for the wealthy. he starts with suppose that an investor you admire and trust comes to you with an investment idea. this is a good one, he says, i'm in it and i think you should be, too. would your reply possi
catalonia is one of those regions that still has very large deficits, as well. so the politics in spain slightly skewed as they will be, but not so much pressure on rajoy at the moment. unlikely to ask for assistance in the short term. we also have another euro group meeting take, back in brussels, yes, i know, we seem to have one every week. they may come up with a long term financing deal for greece. finally talking about debt forgiveness in greece which is what we all know has got to happen....
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Nov 26, 2012
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they all added revenues to deficit reduction. a significant amount of revenue. >> your colleague from georgia just this week said the following about that pledge not to raise any taxes. >> you know, that pledge i signed 20 years ago was valid then. it's valid now, but times have changed significantly.Ñi and i care more about this country than i do about a 20-year-old pledge. >> it is my view that the issue of taxes is the number one stumbling block to any kind of fiscal deal. that has to be resolved first before you can get to issues like sequestration. when you hear that from a colleague, does it say to you that there is room, and does the president do anything short of raising tax rates on the wealthy? is there anything short of that acceptable? >> well, you've got to raise additional revenues, including tax rates on the wealthy. >> those have to go up? >> they have to go up. there's ways of doing that. secondly, though, we've got to close some significant loopholes. for instance, the ones which allow too many corporations in
they all added revenues to deficit reduction. a significant amount of revenue. >> your colleague from georgia just this week said the following about that pledge not to raise any taxes. >> you know, that pledge i signed 20 years ago was valid then. it's valid now, but times have changed significantly.Ñi and i care more about this country than i do about a 20-year-old pledge. >> it is my view that the issue of taxes is the number one stumbling block to any kind of fiscal deal....
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. >> the goal here is to get a deal that reduces the deficit, and the battle lines have been pretty clear right now. the president campaigned rolling back the tax breaks for the highest earnings and republicans argued spending cuts are the way to get the deficit under control. are we starting to see a softening of those positions on both sides? >> reporter: here's what there's agreement on. both sides, both parties agree that the wealthiest have to pay more, and the question now and the sticking point at this stage is how do you go about making the wealthiest pay more? do you do it by raising the tax rates? that's what president obama wants to do. wants to raise the tax freights 35% where they are now up to where they were during the clinton years at 39% what. republicans are arguing is you don't have to do that. you can get all of the money or some of the money that you want by getting rid of loopholes so doing full-fledged tacts reform at next year but don't raise the tax rates at all and somehow get rid of the loopholes. the white house says, hey, that math doesn't work. >> let me pick
. >> the goal here is to get a deal that reduces the deficit, and the battle lines have been pretty clear right now. the president campaigned rolling back the tax breaks for the highest earnings and republicans argued spending cuts are the way to get the deficit under control. are we starting to see a softening of those positions on both sides? >> reporter: here's what there's agreement on. both sides, both parties agree that the wealthiest have to pay more, and the question now and...